All Topics / Finance / 10 Questions To Ask Your (Prospective) Broker

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  • Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi All,

    Caught this online article this morning and thought I would share it to assist those looking for a broker to assist them along the way.

    Article can be read here

    A few questions missing for me – particularly for property investors.

    1. Are you a property investor too?

    2. How would you structure my loans? Why? (assumption being you have discussed you current situation and plans)

    3. What is your position on cross collateralisation?

    Just a few extras that quickly come to mind.

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Derek you make a good point about asking your broker if they are a property investor. The last 2 brokers I met weren’t property investors, in fact one of them was renting and still saving for a deposit. He was 36.

    I think a good broker definitely needs a couple of IP’s under there belt.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    It's hugely important to use a broker that walks the talk when it comes to property investing.

    You can tell the brokers/bankers that invest from the ones that don't have a clue. It's something that will become apparent within 2 minutes of speaking with them. You don't need to go through a list of 10 or 20 questions to find out. Call them, have a chat, complete their fact find or client analysis form and see what sort of advice they offer up.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Totally agree and have said it so many times before.

    Would you have confidence in undertaking major surgery from a Dr who had never performed an operation before.

    You want a Broker who shares the same passion and desire as you and also can lead by example.

    Jamie is so right if you can't assess whether your Broker knows what he / she is talking about in the first 5 minutes of a conversation then getting them to answer a 100 questions will do you know good.

    Hate to say anyone who emailed me 20 questions would not get a reply.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of AilimeAilime
    Participant
    @ailime
    Join Date: 2008
    Post Count: 28

    I am very thankful for Richard's reply… there are several things to learn and think about that I hadn't known or thought of.

Viewing 5 posts - 1 through 5 (of 5 total)

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